WASHINGTON – President Bush yesterday added $350 billion worth of “fuel” to America’s economy, signing one of the largest tax cuts in the nation’s history with a promise that it would help people find jobs.

The package cuts income-tax rates, includes new incentives for businesses, eases dividend taxes and offers families with children a $400 bonus per child – checks that should be in the mail by July.

“By ensuring that Americans have more to spend, to save and to invest, this legislation is adding fuel to an economy recovery,” said Bush, before signing the stimulus plan into law during a White House ceremony.

“We have taken aggressive action to strengthen the foundation of our economy so every American who wants to work will be able to find a job.”

Bush said the legislation will provide tax relief to 136 million American taxpayers.

“We are helping workers who need more take-home pay,” Bush said. “We are helping seniors who relay on dividends. We are helping small-business owners looking to grow and create more jobs. We are helping families with children who will receive immediate relief.”

Taxpayers should notice changes in pay checks within weeks.

Another quick effect will be felt at the end of July or by August, when 25 million American taxpayers who claimed the child tax credit in 2002 receive a $400 check for each of their children 17 years old or younger.

Under the plan, the child tax credit increases from $600 to $1,000.

Despite the popularity of the provision, Republicans opted to lower the credit to $600 after next year.

Most Democrats argued against Bush’s tax cuts – the third largest in U.S. history – by citing the growing federal deficit. It will mushroom under the president’s budget, which allows the federal government to borrow $7.4 trillion.

Democrats have also charged that the richest 1 percent of U.S. taxpayers will get 29 percent of the plan’s benefits, while the poorest 20 percent of the population gets almost nothing.

Beginning last year, Bush urged Congress to adopt a much larger tax cut – more along the lines of the $726 billion plan that he proposed in 2002.

The president recently mocked the $350 billion plan as “itty bitty” and urged Americans to pressure lawmakers to support a larger stimulus plan. But the votes were not there, and Bush last week reluctantly embraced the smaller plan.

The tax cut passed the House at around 2 a.m. Friday, on a 231-200 vote, mostly along party lines; all New York Democrats voted no while the state’s Republicans all voted yes. In the Senate, the tax-cut package squeaked by in a 50-50 vote, a tie broken when Vice President Dick Cheney voted yes.

Some moderate Republicans, including Sen. John McCain (R-Ariz.), voted no.

GREAT $AVE

Here are some examples of tax savings from President Bush’s tax-cut package: